In order to understand the emerging situation it is necessary to consider the situation from several timeframes. Let’s start with the weekly chart, where changes occur very slowly.

So, here the situation at the moment looks as follows. The triple zigzag, which began in the end of 2006, is supposed to develop. Now two parts of the wave w, x.y,xx have already been formed, and the price is probably working on the completion of the final part, namely the wave c of z.

All this indicates that a global reversal with a prolonged growth of the euro may begin soon. But it may take from one to two or three years.

If we go deeper into the structure of the supposed wave C, we can see that it takes the form of a downward impulse. It is very likely that at the moment the development of wave [iii] has been completed, and now the price is getting ready for growth within wave [iv]. The signal for buying in this situation may be the renewal of the local maximum at 1.0060.

Recommendations: Buying at 1.0060, SL 1.0030, TP 1.0500.